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Rane (Madras) (up 18% at Rs 580), Rane Engine Valve (17% at Rs 679), Rane Brake Lining (14% at Rs 1,350) and Rane Holdings (12% at Rs 2,019) were up more than 10% on BSE in intra-day trade. On comparison, the S&P BSE Sensex was up 0.25% at 32,242, after hitting high of 32,258 in intra-day deal.
Rane (Madras) on Tuesday said that the allotment committee of the board of directors on September 11, 2017 has allotted 1.1 million equity shares at price of Rs 547 to its promoter and other Group company, Rane Holdings on preferential basis.
The committee also allotted 365,630 warrants of face value of Rs 10 each, at a price of Rs 547 each, convertible into 365,630 equity shares at a price of Rs 547 per share at any time on or before the expiry of 18 (eighteen) months from the date of allotment.
Most of the Rane Group companies engaged in auto parts & equipment business. The Group had registered superior growth in passenger vehicle segment in June quarter (Q1FY18) as it commenced supplies to certain new customer programs.
The Group aggregate EBITDA (earnings before interest, tax, depreciation and amortization) profit increased 22% to Rs 113 crore in Q1FY18 over the previous year quarter. EBITDA margin improved to 11.2% from 10.2% in Q1FY17. The various cost control initiatives across group companies helped in improving the overall profitability, Rane Group said in investor presentation.
|RANE ENGINE VAL.||646.5||579.8||11.5|
|RANE BRAKE LIN.||1309.9||1187.0||10.4|